MINISO sees FY2025 revenue up 26% on strong growth
MINISO Group Holding Limited reports strong preliminary results for fiscal 2025.
Rhea-AI Filing Summary
MINISO Group Holding Limited reports strong preliminary results for fiscal 2025. Based on unaudited management accounts, revenue is expected at RMB21,440 million to RMB21,445 million, about 26% higher year over year. Operating profit is estimated at RMB3,300 million to RMB3,305 million, with adjusted operating profit at RMB3,665 million to RMB3,675 million, excluding share-based payments.
The company expects FY2025 net profit of RMB1,320 million to RMB1,330 million, down from RMB2,635 million a year earlier, mainly due to an estimated RMB740 million share of loss from its Yonghui investment, TOP TOY-related share-based and preferred-share liabilities, and RMB192 million interest on equity-linked securities. Adjusted net profit is projected at RMB2,890 million to RMB2,900 million.
Early 2026 trading remains robust: in Chinese mainland, MINISO-brand GMV grew over 25% with at least high-single-digit same-store growth, while U.S. GMV rose more than 50% with at least 20% same-store growth. The board will meet on March 31, 2026 to approve FY2025 results and consider dividends, followed by an earnings call the same day.
Positive
- Strong top-line and operating performance: FY2025 revenue is expected at RMB21,440–21,445 million, about 26% year-over-year growth, with operating profit of RMB3,300–3,305 million and adjusted net profit of RMB2,890–2,900 million.
- Robust early 2026 trading momentum: MINISO-brand GMV in Chinese mainland grew over 25% with at least high-single-digit same-store growth, while U.S. GMV rose more than 50% with at least 20% same-store growth.
Negative
- Sharp decline in reported net profit: FY2025 profit is expected at RMB1,320–1,330 million versus RMB2,635 million in 2024, mainly due to an estimated RMB740 million share of loss from Yonghui and other non-core charges.
- Non-core financial drags: TOP TOY share-based payment expenses of about RMB230–240 million, preferred-share redemption liability losses of about RMB150–160 million, and RMB192 million of interest on equity-linked securities weigh on statutory earnings.
Insights
MINISO shows strong operating growth, but headline profit is hit by investment and financing items.
MINISO expects FY2025 revenue of RMB21,440–21,445 million, up about 26% year over year. Operating profit of RMB3,300–3,305 million and adjusted operating profit of RMB3,665–3,675 million indicate healthy underlying profitability from its core retail business.
Reported net profit is projected to fall to RMB1,320–1,330 million from RMB2,635 million, mainly due to an estimated RMB740 million share of loss from Yonghui, TOP TOY share-based and preferred-share effects, and RMB192 million of mostly non-cash interest on equity-linked securities. Adjusted net profit of RMB2,890–2,900 million strips out these items.
Early 2026 trends are encouraging: MINISO-brand GMV in Chinese mainland grew over 25% with at least high-single-digit same-store growth, and U.S. GMV rose more than 50% with at least 20% same-store growth. The board meeting and earnings call on March 31, 2026 will provide full audited figures and more detail on Yonghui, TOP TOY, and equity-linked securities impacts.
FAQ
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What preliminary FY2025 revenue does MINISO (MNSO) expect?
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What is MINISO’s adjusted net profit guidance for FY2025 and what does it exclude?
How is MINISO’s business performing in early 2026 according to the filing?
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AI-generated analysis. How Rhea-AI works. Not financial advice.




























